Fuzzydog
Red Skull Member
serious question for those 'in' on dogecoin or bitcoin or whatever..
To lay the groundwork for the question - I invest in stocks and I buy stocks that I believe will go up in value, or pay me a good dividend. I base this on research into the company, look at financials - how is their debtload, market share, business plan, etc. My stock purchase gives me partial ownership of that company and its assets.
when I look at crypto, it seems to me that the most compelling argument to buy crypto is "dude, you gotta get in on this. It could go to the moon in the next few months. Elon Musk is all over it too." No solid argument about why it is the thing to get in on, or why it could go to the moon, just a bunch of highly biased people saying it will. The term highly biased in this context is probably the most appropriate use of that term EVER because it would seem that crypto only has value because of the demand for it, therefore everyone who owns it has a vested interest in getting more people to buy it.
So how do you reconcile that in your head - you send $1000 electronically and all you ever have to show for it is an app that says you have $x crypto? Is it just a belief system?
I am not a young pup anymore and my risk tolerance has dropped significantly over the years, but 'investing' this way just seems like the risk level is already at the moon.
To lay the groundwork for the question - I invest in stocks and I buy stocks that I believe will go up in value, or pay me a good dividend. I base this on research into the company, look at financials - how is their debtload, market share, business plan, etc. My stock purchase gives me partial ownership of that company and its assets.
when I look at crypto, it seems to me that the most compelling argument to buy crypto is "dude, you gotta get in on this. It could go to the moon in the next few months. Elon Musk is all over it too." No solid argument about why it is the thing to get in on, or why it could go to the moon, just a bunch of highly biased people saying it will. The term highly biased in this context is probably the most appropriate use of that term EVER because it would seem that crypto only has value because of the demand for it, therefore everyone who owns it has a vested interest in getting more people to buy it.
So how do you reconcile that in your head - you send $1000 electronically and all you ever have to show for it is an app that says you have $x crypto? Is it just a belief system?
I am not a young pup anymore and my risk tolerance has dropped significantly over the years, but 'investing' this way just seems like the risk level is already at the moon.